PG&E Corp. unloading energy services

PG&E Corp.has sold the stock of its PG&E Energy Services unit, which includes HVACR services, to Enron Energy Services Operations, Inc., the retail energy services unit of Enron Corporation for approximately $85 million, subject for adjustments for working capital. Through this transaction,

The corporation received offers from several parties interested in acquiring all or a portion of the company's retail energy services unit. The transaction will transfer the electric and gas commodities business and certain related infrastructure assets to Enron. The sale is subject to regulatory review, including approval from the Federal Energy Regulatory Commission. It's expected to be complete by the close of the second quarter of 2000.

PG&E Corp. is reviewing offers from parties interested in acquiring the value-added services, technical and certain infrastructure assets of its retail energy services business.

"The announcement of this transaction, which comes about four months following our decision to exit the retail energy services business, demonstrates the speed and intensity with which we are implementing our strategy to grow financial performance and shareholder value," said Thomas G. Boren, President and CEO of the PG&E National Energy Group. "This transaction frees up additional resources that we will redirect to support our plans to aggressively expand and grow the competitive wholesale generation, energy commodities trading, and natural gas services businesses of the National Energy Group."